Today (Jan 11), the market for sugar in China is shown as follows:

The most active contract for sugar futures on Zhengzhou Commodity Exchange extends losses after low opens. As of 11:30 am, the most-active May contract settles 104 CNY/tonne lower at 5,172 CNY/tonne with the high of 5,281 CNY/tonne and the low of 5,160 CNY/tonne; nearby January contract closes 52 CNY/tonne lower at 5,140 CNY/tonne with the high of 5,150 CNY/tonne and the low of 5,140 CNY/tonne.

Spot sugar prices mainly go down today. New sugar is priced at 5,180-5,240 CNY/tonne in Guangxi, a decline of 20-30 CNY/tonne from last Friday. In Yunnan, new sugar is priced at 5,280-5,310 CNY/tonne in Kunming and 5,210-5,280 CNY/tonne in Dali, down 20 CNY/tonne from last Friday. In Zhanjiang, Guangdong, the price is offered at 5,170-5,230 CNY/tonne with a decrease of 30-40 CNY/tonne from last Friday. Likewise, processed sugar prices drop today. Grade I carbonized sugar is respectively offered at 5,350 CNY/tonne in Fujian, down 50 CNY/tonne; 5,290 CNY/tonne in Guangdong, down 40 CNY/tonne; 5,300 CNY/tonne in Shandong, down 50 CNY/tonne; 5,290 CNY/tonne in Liaoning, down 30 CNY/tonne; 5,290 CNY/tonne in Hebei, down 30 CNY/tonne. Besides, the price of beet sugar is 50 CNY/tonne lower at 5,140 CNY/tonne in Inner Mongolia.

Sugar futures continue moving lower on Zhengzhou Commodity Exchange this morning. Investors are afraid that the demand will be hammered against the backdrop of resurgence of COVID-19. And long-awaited weather speculation has been not flamed, accelerating market’s intention to profit taking. In addition to this, market participants are taking a wait-and-see attitude as spot sugar price follows the downside. It is predicted that sugar market still remains weak in afternoon session.

(USD $1=CNY ¥6.48)